What's the Deal: Changes coming to how your credit score is calculated

For decades, your number was based mostly on your history with payments on things like credit cards and loans.

Now, two changes are coming that might affect the way your score is calculated.

For the first time ever, consumers can grant one of the scoring agencies access to their online bank accounts for a look at their bill-paying history.

"Crummy credit is really expensive and some of these changes give people the opportunity to boost their credit score and that could potentially save them a lot of money," said Matthew Schulz, Financial Expert at CompareCards.com.

The first change, Experian Boost, can potentially get you a higher credit score based on your internet, utility and cable bill history. This is optional, meaning you can decide whether you want the credit agency to have acess to your bank account.

"It pulls that information out and analyzes and says 'Wow you've done a good job of paying those bills.' That means you're probably a better credit risk than you otherwise would have looked," said Schulz.

The second program, Ultra Fisco, focuses on your checking and savings accounts. This gives lenders a better idea of how you're managing your finances overall and can help if you have some savings, but are on the verge of getting denied.

"It can give you a little bump and maybe get you that loan that you didn't think you were gonna qualify for, or maybe even get you a better rate," said Schulz.

Privacy advocates say not everyone will want to hand over their private information, especially after that major Equifax hack two years ago. But it's a new option and one that might appeal to a lot of people.